Daily Chart Report ๐ Thursday, June 13, 2024
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Todayโs Summary
Thursday, June 13, 2024
Indices: Nasdaq 100 +0.57% | S&P 500 +0.23% | Dow -0.17% | Russell 2000 -0.88%
Sectors: 5 of the 11 sectors closed higher. Technology led, rising +0.79%. Energy lagged, falling -0.92%.
Commodities: Crude Oil futures inched higher by +0.15% to $78.62 per barrel. Gold futures dropped -1.56% to $2,318 per oz.
Currencies: The US Dollar Index rose +0.53% to $105.24.
Crypto: Bitcoin fell -2.21% to $66,733. Ethereum fell -2.54% to $3,468.
Volatility: The Volatility Index fell -0.67% to 11.95.
Interest Rates: The US 10-year Treasury yield dropped to 4.246%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Ross J Brown (@RJB_Financial).
- The +20-Year Treasury Bond ETF ($TLT) is on track for its best week year-to-date, closing at a two-month high today.
- Ross points out that $TLT is testing a level of polarity, around $93. This level has acted as either support or resistance numerous times in the past two years.
- Since the pandemic, $TLT has been in a nasty downtrend. However, it has stabilized this year, forming a higher low in April. Todayโs breakout opens the door to the December peak (around $100). Clearing this hurdle would mark a higher high and, therefore, a new uptrend.
The takeaway: $TLT is trying to reclaim a pivotal level, around $93. The next major resistance level is the December high, around $100. Clearing the December highs would confirm a new uptrend.
Quote of the Day
"History always repeats. But never in detail. It's the details that fool people."
โ Edson Gould
Top Links
Sideways. Then up. Then ... - Trading Adventures
Andy Moss highlights some key takeaways from this week's price action.
S&P 500 Records on Repeat - LPL Financial Research
Adam Turnquist examines the lack of participation within the S&P 500.
Tech Sectors Impact on Market Breadth Amid a Record Bull Run - Yahoo Finance
JC Parets and Jared Blikre discuss the current market environment.
HY Bonds Will Confirm the Tech Rally - All Star Charts
Ian Culley looks at what High Yield Bonds suggest for Stocks and risk appetite.
The Bulls are Showing Up | The Morning Show - StockMarket TV
Respected technician Jeff deGraaf offers his perspective on the market as we enter the year's second half.